The global market for Hand Tools
& Accessories is forecast to reach US$24.3 billion by 2025, driven by their
continued relevance in building, shaping, repairing and maintaining an
increasingly mechanical and engineered world. A key newsworthy trend in the
market is the growing focus on cutting edge design innovations in tool
ergonomics especially against the backdrop of a highly mature and commoditized
market boxed in by competition from power tools. Growing incidence of
work-related musculoskeletal disorders and focus on worker productivity in
light manufacturing that require manual assembly are also driving the emphasis
on occupational ergonomics. Mechanics’ service tools are witnessing robust
demand supported by aging plant infrastructure in most industries and increased
load and frequency of maintenance and repair of industrial machinery; strong demand
for automotive aftermarket repair and maintenance services; and expanding
aircraft fleet and growth in aircraft MRO services; stable construction industry,
higher employment rate of construction workers and a parallel increase in
demand for masonry and plumbing tools. In the automotive industry which is a
major end-use of mechanic hand tools, the growth in aftermarket services is
guided by growing global vehicle population (PARC); rising awareness among
vehicle owners over the importance of timely maintenance; adoption of remote
vehicle diagnostics systems which encourage timeliness of car maintenance and
repair; growing base of fleet vehicles which have higher wear and tear
associated with higher annual vehicle miles traveled; and increasing sales of
used cars in emerging markets. Other major factors influencing growth in the
market include growing popularity and value of multitask hand tools for their
ability to reduce redundancy associated with standard tool collections; robust
demand for manual torque tools in manipulating new generation materials such as
ceramics; growing Do-It-Yourself (DIY) home improvement activity in developed
countries against the back of rising labor costs and the resulting increase in
sales of packaged DIY tools ranging from wrenches, screw driver and hammers. Read More…
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